The impeachment inquiry into Donald Trump will enter a new public phase on Wednesday as two career diplomats testify before Congress in a televised hearing that Democrats hope will convince Americans that the US president is not fit for office.
Angela Merkel has urged Europe to seize control of its data from Silicon Valley tech giants, in an intervention that highlights the EU’s growing willingness to challenge the US dominance of the digital economy.
President Donald Trump threatened a new escalation of the trade war with China, saying US tariffs on Chinese goods would be “raised very substantially” if no truce was reached with officials in Beijing.
- Dollar Stalls After Trump Speech Reveals Little on Trade – Reuters
- Trump Says U.S. to Substantially Raise Tariffs If No China Deal – Bloomberg
Hong Kong is on the “brink of total collapse”, the territory’s police warned on Tuesday as a second day of violence pushed the five-month crisis towards a new and more dangerous phase.
- China Accuses US and Britain of Hypocrisy Over Violence in Hong Kong – South China Morning Post
- Hong Kong Police Clear Roads in Financial District, Protesters Block the Cross-Harbour Tunnel – South China Morning Post
The Trump administration ratcheted up its pressure on the World Trade Organization by raising the possibility of blocking the approval of the institution’s biennial budget and effectively halting its work starting next year.
Traders and bankers hoping a better-than-expected third quarter would boost their year-end pay are likely to be disappointed. Bonuses across Wall Street are poised to drop in 2019, according to a report Tuesday by compensation consultant Johnson Associates Inc.
On Tuesday, 14 financial services trade associations wrote to European Commission Vice President Valdis Dombrovskis to highlight the need for an urgent extension to the temporary equivalence determination for UK central counterparties (CCPs).
Leaders of the BRICS group of leading emerging economy nations meeting this week will discuss opening their development bank to other countries to increase its capital to fund infrastructure and other projects, diplomats and the bank’s head said.
The Reserve Bank of Australia is edging closer towards deploying unorthodox monetary stimulus such as buying government bonds, and the bank has announced that governor Philip Lowe will dedicate a speech to the topic.
The Association for Digital Asset Markets (ADAM) published its Code of Conduct to promote integrity, fairness, and efficiency in digital asset markets. All ADAM members plan to sign the Code in early 2020 and adhere to its principles, and its release marks a necessary step for the industry to lead the way in setting high standards of conduct.
- Crypto Trading Alliance ADAM Issues Code of Conduct; Recruits 5 New Members Including BitGo – The Block
- With Code of Conduct, Trade Group ADAM Seeks Legitimacy for Crypto – CoinDesk
Derivatives exchange CME Group has announced it will launch options on its bitcoin futures contracts in January.
Bitcoin futures market Bakkt intends to expand from its current physically-settled offerings to cash-settled futures before 2020.
Bequant, a cryptocurrency exchange with prime brokerage services, is now offering crypto market participants faster access to its market infrastructure via Avelacom’s low latency network.
Former Citi foreign exchange trader Rohan Ramchandani seeks reinstatement or re-engagement at the bank as part of the unfair dismissal case that kicked off on November 12 at the East London Employment Tribunal.
Internal stress tests imply large US banks could withstand a financial crisis, though some predict their capital could drop perilously close to regulatory required minimums.
Integral has partnered with Jefferies to launch a new liquidity network called TrueFX, which aims to leverage the former’s technology and the latter’s credit intermediation services to reduce trading costs for buy side firms, which includes retail brokers, macro hedge funds, prime of primes, and regional banks.
Spotex has signed INTL FCStone to provide prime services enabling clients to access the firm’s ECN. The addition comes as Spotex is launching a slate of new products and services to the brokerage and fund manager market segments.
The Swiss franc rallied to a one-month high against the euro on Wednesday as hedge funds unwound some of their negative bets against the currency and as appetite for risky assets faltered due to the intensifying unrest in Hong Kong.
Chile’s peso plummeted to a record low on Tuesday, as mass protests against the government intensified and the prospects of any resolution to the worst civil unrest in decades dimmed.
Sterling inched down from a six-month high against the euro and was a touch softer against the dollar on Tuesday, as a boost from the Brexit Party’s decision not to contest previously Conservative-held seats in Britain’s upcoming election faded.
Having guided interest rates lower this year and declared a stopping point, Federal Reserve officials face a potentially volatile election year problem if U.S. job growth slows in coming months as many expect it will.